Self-Employment – Introduction

By | January 26, 2019

Self employment- Introduction

You know that, India is a developing country and like any other developing nation, the business climate is not very much conducive for startups. Young India, especially, is not interested in starting a new business. They think in a conservative way and prefer to go for a job than for a business. This is because, they never see business with value. They feel that it is very cumbersome process to establish an unit, very difficult to run the unit with profits.

By 2020 the average age of India is “27”, says various reports. Therefore, we have to generate jobs to these young people, which may be very difficult task. Rendering young people with unemployment will adversely effect the country’s growth both economically as well as socially. We are culturally very rich, no other country can match our rich culture and tradition. We were rich with intellectual capabilities for thousands of years. These capabilities made us rich as well. However, we lost the glory due to various reasons and it has to be regained. If we want to regain out lost glory, we can not ignore being rich financially.

Many of us know that agriculture sector is the largest employment generator even now. MSME sector is the next employment generator. Therefore, Government of India is keen on promoting this sector. Accordingly, Government of India is taking, continuously, various steps to promote better business climate. All these initiatives yielded positive results and it is evident from the recent jump in ranking of our country by the World Bank on ease-of-doing business from 137th rank in the year 2014 to 77th in the year 2018.

By knowing the initiatives extended by Government of India, available resources in the market it would give confidence among the young entrepreneurs and this confidence in turn will encourage the youth of India to establish new MSME units. This will in turn improve productivity, reduce unemployment and poverty to a large extent. Needless to add, this will add to the GDP of the county.

The objective of this series of posts and videos is to provide information, which, will enable the entrepreneur to take best advantage of various initiatives of the Government of India and market.

In this series of posts and videos we will talk on various topics related to self employment and MSMEs. These, definitely will help you in identifying the right career / business. These discussions revolve around various topics. Some of these are

  • Which Career option suits to you most ? Is it a job or is it starting a new enterprise on your own ?

  • Are there any business opportunities for us ? If yes what are the opportunities ? Where are the opportunities ? How can I short list an opportunity ?

  • After identifying the opportunity which business should I select ?

  • How should I plan for the business ? What should be the road map for the proposed business ?

  • To carry the business which type of business organisation should I start ?

  • How to form the business organisation ? What are the steps in forming a business organisation ?

  • How should I plan for finances ? What are the modes of financial support available from Banks / Financial Institutes ?

  • How should I approach a Bank / Financial Institute ?

  • How should I present my project to the Banker ? How should I prepare the project report ? What will be the contents of a project report etc. ?

  • What are the lending policies of Banks / FIs ?

  • Should I need to provide any security for the loans ? Which type of securities should I offer to the banker ? What should I do if I do not have any security to offer?

  • What should I do when the loan is sanctioned ?

  • Why should I register my firm as MSME unit ? What are the advantages of registering my firm as MSME unit ?

  • Are there any subsidy schemes for MSME ? If yes the details of the schemes.

All such questions will be discussed in this series of videos / posts. Please go through these and make best use of the information provided here.

For any suggestions / clarifications / assistance, please do write to us at admin@sripatham.org or post a comment below.

All the best

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